"If you combine the impact of US sanctions on Iran and the US trade war with China, it is Trump's foreign policy which is reshaping oil flows," said Olivier Jakob, managing director of consultancy Petromatrix GmbH.

Excise duty applicable to aviation turbine fuel (ATF) or jet fuel has been cut, the government announced on Wednesday. The Revenue Department, under the Ministry of Finance, said in a notification that excise duty of 11 per cent will be applicable on ATF, as against the existing 14 per cent. The new rate of excise duty will take effect on October 11, 2018, the official statement said. The move is expected to bring down fuel prices for the country's aviation industry, which has been hit hard by high fuel prices.

The move comes after Sebi in its board meeting last month approved the proposal in this regard. Currently, foreign entities are not permitted to directly participate in the commodity derivatives market, even if they import/export various commodities from/to the country.

Sovereign Gold Bond Scheme: A subscriber is allowed a maximum limit of 4 kilograms in case of individuals and HUFs in a financial year. The sovereign gold bond (SGB) is denominated in multiples of one gram of gold, which is the minimum permissible investment limit.